john e deaton
after the government flipped the 3 big witnesses with shorter prison terms (caroline, wang, etc.), the prosecutor wasn’t going to offer sam a deal. he had 3 choices:
1) plead guilty, admit to everything and throw himself on the mercy of the court;
2) plead not guilty, testify and hope he could convince at least one juror to vote not guilty the entire deliberations and achieve a hung jury and then cut a deal;
3) go to the doj and agree to plead guilty and offer to agree to cooperate with how he violated campaign finance laws with the full knowledge of some of the politicians he donated to and get a recommendation of a lighter prison term.
i would’ve recommended he try for the 3rd option. maybe the doj is too compromised and wouldn’t be interested. 🤷♂️ but sam knows how he circumvented the rules and i bet he knows some names of politicians who knew he was breaking the rules. you don’t get the type of access this guy got without greasing some palms.
but by choosing the 2nd option he guaranteed a prison sentence at least double what he would’ve gotten choosing option 1.
sam bankman-fried’s conviction may signal a turning point, ushering in stringent regulations and a new era of transparency in the crypto world.
skybridge capital ceo anthony scaramucci called the day of sbf’s sentencing “sad in every way.” at the same time, he acknowledged that “this is also a good day for justice.”
experts interviewed by bloomberg believe that the verdict against the founder of ftx marks the end of the era of the “wild west exchanges.”
“the days of wild west exchanges, scammy assets, fraud, and an industry living off in the corner of the internet are over.”
brian mosoff, chief executive officer of ether capital corp.
in denying bankman-fried’s release from jail to prepare for trial, kaplan said he could potentially face a “very long sentence.”
kaplan wrote in a 2007 article about corporate crime that “crimes committed by white collar criminals out of a studied calculation of likely costs and benefits of engaging in the criminal behavior perhaps are especially reprehensible.”
ftx’s top lieutenants ‘will likely’ be sentenced after sam bankman-fried: bloomberg
november 3, 2023 at 12:07 pm
sam bankman-fried, the founder of ftx, has been found guilty on all seven counts in his fraud trial. according to experts, it is likely that his top allies, caroline ellison, gary wang, and nishad singh, will also be sentenced. however, they will likely get little or no prison time.
criminal defense lawyers and financial brokers interviewed by bloomberg suggest that the trio might serve their sentence at a minimum security camp holding only non-violent offenders.
chris rice, a partner with riviera partners, an executive recruiting firm, said the trial will damage the trio’s reputation no matter what the outcome will be:
“i don’t think that they’re going to be able to operate at the same level within an organization as they had in the past.”
according to bloomberg, the three individuals who were found guilty of fraud charges may face other forms of punishment if they are not jailed. one of the alternatives being considered is capital punishment, as the group made millions of dollars from fraud.
additionally, they may also be required to pay restitution to their victims. all three have already pleaded guilty to the charges and agreed to cooperate with the u.s. government.
sam bankman-fried will likely get 20 years in prison as the prosecution has presented a strong case against him. in an exclusive interview with crypto.news, david lesperance, managing director at lesperance & associates and a lawyer with over three decades of experience in finance, said that bankman-fried’s decision to testify reflects his risk-taking personality, adding that this strategy seems to have backfired.
sam bankman-fried’s sentencing is set for mar. 28, 2024.
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